Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The BNB Foundation has announced the completion of the 29th quarterly BNB burning by the BNB Chain, with over 1.7 billion BNB tokens automatically burned, for a total value of about $1.07 billion.
In a blog post, BNB chain provided some facts and figures from the most recent burn. The total BNB burned during the autoburn process was 1772712.363 BNB. This amount comprises two components: 1,710,142.733 BNB for the Auto-Burn and 62,569.63 BNB for additional BToken burn. This amount was worth roughly $1.07 billion.
The remaining BNB to be burned is 43,533,387.84 BNB, with the remaining BNB supply given as 144099981.1 BNB.
Tomiwabold OlajideBNB is the native coin of the BNB Chain ecosystem, supporting transactions on the BNB Smart Chain (BSC), the opBNB L2s and the BNB Greenfield blockchain. Aside from transaction fees, BNB functions as a governance token, allowing holders to participate in the BNB Chain's decentralized on-chain governance.
Regarding BNB burn
Following its mainnet launch on April 18, 2019, BNB moved from the Ethereum network to the BNB Chain. "Build and Build" is BNB's philosophy, reflecting its role in fostering ecosystem development. BNB uses an Auto-Burn method to gradually lower its entire supply of 100,000,000 BNB.
The burn amount is updated based on the price of BNB and the number of blocks generated on BSC throughout a quarter. This mechanism is independent of the Binance centralized exchange.
Denys SerhiichukThis quarter's burn and future burns took place directly on BSC as a result of the ongoing BNB Chain Fusion, with the equivalent BNB amount transferred to the "blackhole" address.
At the time of writing, BNB had fallen 3.14% in the previous 24 hours to $583, following an earlier decrease on the cryptocurrency market.
Bitcoin momentarily fell below $70,000 on Thursday, after closing in on a new all-time high earlier in the week. The crypto market fall occurred as traders sold off stocks, with the Nasdaq and S&P 500 experiencing their worst days in a month.
Alex Dovbnya
Dan Burgin